Animal Oral Parasiticides Market size is estimated to be valued at USD 2,346.1 million in 2021 and is poised to grow at a significant CAGR of 5.4% over 2022-2028. Animal parasiticides are chemicals that kill parasites other than fungus and bacteria in livestock, pets, and other animals. The vast majority of parasiticides include one or more active components. Animal parasiticides are crucial in the prevention and treatment of numerous parasite diseases in animals. The Ectoparasiticides segment is anticipated to grow at a significant CAGR over the forecast years owing to the increasing awareness about animal-transmitted diseases, increasing pet adoption, and growing demand for animal-derived food products are some of the major factors driving the segment growth. However, stringent regulatory approval process may impede the market growth. Moreover, market players are focusing on launching new products and acquisition to maintain the growth in the market. For Instance, In June 2021, Boehringer Ingelheim collaborated with Lifebit (UK) to detect global infectious disease outbreaks using AI and natural language processing technology. Growing concern about zoonotic diseases, restrictions to avoid the spread of animal diseases, expanding companion animal ownership rates, and rising animal health spending are just a few of the drivers driving the industry’s rise throughout the projection period.
Recent Market Developments:
In August 2020, Boehringer Ingelheim leading global human pharma and animal healthcare company, launched of new product in their animal healthcare portfolio NexGard and Broadline provided comprehensive treatment for the dog and cats.
In August 2021, Zoetis Inc. (US) acquired Jurox (Australia) to expand its product portfolio and manufacturing capacity with potential for global expansion.